Allied Market Research published a report, titled, “Steam Turbine Market by Design (Reaction and Impulse) and Application (Power generation, Petrochemical, Oil & Gas and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report published by Allied Market Research, the global steam turbine market was estimated at $24.1 billion in 2019 and is expected to hit at $30.2 billion by 2027, registering a CAGR of 2.8% from 2020 to 2027.
Based on design, the market is segmented into impulse and reaction. The impulse segment was the highest contributor to the market and is estimated to grow with a CAGR of 2.66% during the forecast period. Impulse turbines are increasingly used in applications where the flow is low, and the inlet pressure is high. Another type of impulse turbine used mostly is the turgo type. This type of turbine is utilized in medium-sized units. Their growing use is expected to drive the market growth.
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In terms of application, the market is fragmented into power generation, petrochemical, industrial and others. The power generation segment was the highest contributor to the market and is estimated to grow with a CAGR of 2.3% during the forecast period. According to the Central Electricity Authority, power generation demand from thermal, hydel and nuclear plants is expected to grow 6.5% in 2020 in India. This figure is nearly double than the last year rise of 3.5%. Total generation from thermal, hydel and nuclear plants is estimated to be around 1,330 billion in 2019-20. As demand for power increases, it is expected that the requirement for steam turbine will also increase significantly, as steam turbine helps in power generation.
The oil & gas segment is estimated to grow at a CAGR of 3.5% during the forecast period. The power generation and oil & gas segments collectively accounted for around 65.6% market share in 2019, with the former constituting around 34.3% share.
Based on region, Asia-Pacific accounted for around half of the global steam turbine market revenue in 2019, and is anticipated to maintain the lion’s share till 2027. In addition, the region is anticipated to manifest the fastest CAGR of 3.4% from 2020 to 2027. This is due to rising demand for electricity in the region. Furthermore, factors such as growing economies, rising per-capita pay, and expanding use of transport is anticipated to increase the demand for steam turbine in this province. Moreover, the North America region is anticipated to grow at a CAGR of 3.1% from 2020 to 2027.
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The key players involved in the market includes
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